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Royal Dutch Shell has reportedly initiated a major cost-cutting programme with an objective to bring down its oil and gas production costs by up to 40%. The cost-cutting will help the energy company to generate cash savings and enable it in revamping its business, reported Reuters citing undisclosed sources. This …

Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Russia’s Energy Minister Alexander Novak said in a TV interview, Oilprice reported. “Reserves accumulated in the 2nd quarter are gradually shrinking, and we see that July and August were the first two …

Libya is expected to resume production from fields and export crude from ports that are secure, said the country’s state oil company. The National Oil Corporation said a force majeure in place will be eased across “oilfields and ports that are secure”. Force majeure refers to an unforeseen event outside …

China’s natural gas consumption is expected to increase in 2020 amid the country’s efforts to step up exploration and development of the energy source, according to an industry report. Consumption of natural gas is estimated to expand by 13 billion cubic meters to 320 billion in 2020, according to the …

Iraq, the world’s second-worst gas flarer, could generate over 3.5 GW of power by capturing 40% of associated gas that is currently burned, a GE executive said Sept. 20. “In Iraq, if we capture 30% to 40% of the gas flaring that is being done, we can deliver over 3.5 …

Saudi energy minister Prince Abdulaziz bin Salman delivered yet another warning to OPEC+ compliance laggards, saying at a Sept. 17 monitoring committee meeting that failing to execute pledged production cuts was undermining the alliance’s efforts to rebalance the oil market. “Repeated promises that are not carried through in a timely …

The National Iranian Oil Company was ranked by far the best company in the world in terms of oil and gas exploration operations in 2019, a senior NIOC official announced. “The NIOC’s petroleum discoveries in 2019, including oil and gas, had amounted to the equivalent of nearly 5 billion barrels …

Workers at Libya’s major Sharara field have restarted operations, two engineers working there said, after National Oil Corporation (NOC) announced a partial lifting of force majeure. They said flaring had restarted at the field and shared a video of it, and added that engineers had been returning to the area …

In France, government support for renewable energies will rise by 25% in the upcoming 2021 budget to exceed a record €6 billion, the country’s ministry for ecological transition announced on Sep. 17. The financial injection will be aligned with the government’s longer-term energy roadmap, released in April of this year, …

BP is probably the first oil major that has made concrete plans for the end of oil — or at least the shrinking of its role. The company announced a big strategic pivot in August that would see it turn from an “integrated oil company” to an “integrated energy company”. …